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NEWS BITES

Uptick in Turkey’s Foreign Buyers Expected in 2018
Property sales to foreign buyers in Turkey increased 25.7% year-over-year in January, according to the Turkish Statistics Institute. The uptick in foreign buyers is expected to continue through the year, thanks to a strong economy, the recovering tourism industry and weak currency. Istanbul is still the most popular area in Turkey with foreign buyers, and the highest number of investors are coming from Gulf countries, followed by Russia, then Europe.PropertyWire

British Crackdown on Secret Foreign Purchases Could Mean Jail Time for Buyers
The British government is drafting new laws that would require shell companies to disclose the actual owners of properties, as part of a larger effort to weed out money laundering in general, and crack down on Russian investment. Those who don’t comply could face up to two years in jail, and a statement from a business minister noted that the rules “will help authorities come down hard on frontmen seeking to conceal their paymasters’ true identities.”Reuters

Real Estate Market Has Made One in Seven Hong Kong Residents a Millionaire
The number of Hong Kong millionaires has risen 15% in the past year, according to CitiBank, in large part due to rising property market stock. Property prices rose 14% last year, and the Hang Seng Index rose 36%. “Looking ahead, the number of millionaires will increase in 2018,” said Lawrence Lam of CitiBank Hong Kong. “The stock market sentiment is strong while property prices will keep rising even with the interest rates.”South China Morning Post

Berlin Loosens Restrictions on the Short-Term Rental Market
German authorities have pulled back restrictions on Airbnb and other short-term rentals, and will now allow owners to rent out their primary residence without specific time limits. The new rules come after an administrative court in Berlin ruled that short-term rentals like Airbnb do not affect the city’s housing market. Owners will now also be allowed to rent out second homes for up to 90 days per year.Business Times